POST OFFER PUBLIC ANNOUNCEMENT
For the attention of the Shareholders of
BSL LIMITED
On August 14, 2002, Kolmak Chemicals Ltd. (the “Acquirer”) along with Persons Acting in Concert (PACs) - Super Jupiter Courier Pvt. Ltd., Sun Biotechnology Ltd., Suparshwa Distributors Pvt. Ltd., Namokar Vinimay Pvt. Ltd., Remarkable Fiscal Company Pvt. Ltd. and Pilot Consultants Ltd. made a Public Announcement (‘‘PA’’) in compliance with Regulation 10 and 12 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and subsequent amendments thereto (the ‘‘Regulations’’) to acquire 22,00,410 equity shares of BSL Limited (“BSL”) of Rs.10 each, representing 30% of the fully paid-up equity share capital of BSL at price of Rs.80 per equity share (the ‘‘Offer’’). The Offer was conditional on minimum level of acceptance of 22,00,410 fully paid up equity shares representing 30% of the share capital of BSL
The Offer opened on November 7, 2002 and closed on December 6, 2002. The summary of the Offer response is as follows:
|
S.
No.
|
Item
|
Proposed in the Letter of Offer
|
Actual
|
|
1.
|
Offer price (per equity share)
|
Rs.80/-
|
Rs.80/-
|
|
2.
|
Share holding of Acquirer and PACs before PA
|
869,681 (11.86%)
|
869,681 (11.86%)
|
|
3.
|
Shares acquired by way of MOU or market purchases after PA
|
NIL
|
NIL
|
|
4.
|
Shares tendered in the Offer
|
22,00,410 (30%)
|
13,57,552 (18.51%)
|
|
5.
|
Shares acquired in the Offer
|
22,00,410 (30%)
|
NIL
|
|
6.
|
Size of the open offer (No. of shares multiplied by offer price per share)
|
Rs.17,60,32,800/-
|
Rs.17,60,32,800/-
|
|
7.
|
Shares acquired after PA but before 7 working days prior to closure date, if any
|
NIL
|
NIL
|
|
8.
|
Post offer share holding of acquirer (2+3+5+7)
|
30,70,091 (41.86%)
|
869,681 (11.86%)
|
|
9.
|
Pre & Post offer share holding of Public (No & %)
|
Pre offer
|
Post offer
|
Pre offer
|
Post offer
|
|
6465018 (88.14%)
|
4264608
(58.14%)
|
6465018
(88.14%)
|
6465018
(88.14%)
|
As the Offer was conditional on a minimum level of acceptance of 22,00,410 shares representing 30% of the fully paid-up equity share capital of BSL Ltd., as per the terms of the Letter of Offer and in compliance with the Regulations, the Acquirer has not accepted any shares tendered in the Offer and has, through the Registrar, returned all physical shares by registered post and has issued instructions to the Acquirer’s DP to credit the demat shares to the respective accounts from where the same were received. No consideration (or interest) has been paid to any shareholder.
The Escrow Account has not yet been released. Other than the disclosures made in the Letter of Offer and through subsequent corrigendum public announcements dated November 2, 2002 and December 4, 2002, there are no pending investor complaints regarding the Offer.
The Board of Directors of the Acquirer, except Mr. J. K. Acharya (nominee director of financial institution IIBI) who has, under provisions of Regulation 22(6) of the Regulations, exempted himself from accepting responsibility for the information contained in this Announcement, and the Board of Directors of PACs accept full responsibility for the information contained in this Announcement.
Issued by the Manager to the Offer
|
Registrar to the Offer
|
|
SBI Capital Markets Limited
202 Maker Tower E
Cuffe Parade
Mumbai - 400 005
Tel.: (022) 22189166 Fax: (022) 22186367
Contact Person: Ms. Sukhbir K. Dari
E-mail: sukhbir.dari@sbicaps.com
|
Maheshwari Datamatics Pvt. Ltd.
6, Mangoe Lane, 2nd Floor,
Kolkata – 700 001
Tel: (033) 22435029/22435809
Fax: (033) 22484787
Contact Person: Mr. S. Rajagopal
Email: mdpl@cal.vsnl.net.in
|
|
Place: Kolkata
|
On Behalf of the Acquirer
Kolmak Chemicals Ltd.
Authorized Signatory of Kolmak Chemicals Ltd.
|
|
Date: December 9, 2002
|
Authorized Signatories of PACs
|